Yesterday we mentioned that Bitcoin has transitioned from a wide range to a downward channel. To break this channel, we need to see some bullish candles in the coming days. Today, we observed that yesterday closed with a bullish candle, which has initially achieved our goal, but for the bulls, there is still a long way to go. From a smaller timeframe perspective, there are signs of a halt in the decline, but the bearish sentiment has not yet fully released, so we are waiting for a second bottom to arrive.
Looking at the MACD, the energy bars are still moving downward, and both the fast and slow lines are also trending downwards, indicating that the bearish sentiment has not yet been fully released and will require more time to digest.
From the CCI perspective, the CCI is still below -100, which has stabilized the sentiment here, but the bullish sentiment has not yet emerged, so it is unlikely to rise in the short term.
Looking at the OBV, the fast line is still below the slow line, but fortunately, the slow line is flattening out. Any slight increase or decrease here will affect the movement of the slow line, so we need to continue observing the direction chosen by the slow line.
From the KDJ perspective, it has now entered the oversold area and shows no signs of flattening, so it will need more time to digest.
Looking at the MFI and RSI, the MFI is in a neutral range, but the RSI is weak. For the RSI to improve, we need to see some bullish candles.
From the moving averages perspective, the price has fallen below the 120 line, and there is no support below. The 30 line has also turned downward, and currently, only the 120 line is in a flattening phase, so we will continue to observe the movements of these two lines.
Looking at the Bollinger Bands, since they have transitioned from a wide range to a downward channel, we mentioned yesterday that to break this downward channel, we need at least one bullish candle in the coming days. Yesterday's close was as we wished, with a bullish candle that halted the development of the downward channel, but it still appears to be in a downward channel, so it would be best to see another bullish candle today.
In summary: Currently, the indicators lean towards bearishness, and the Bollinger Bands have developed into a downward channel. To prevent the development of this downward channel, it would be best to see a bullish candle today. Given our request for a second bottom, the ideal scenario would be to close with a bullish candle today, confirm with a pullback tomorrow, and then start a counterattack next week. Today's target for the bulls is still to close with a bullish candle, ideally with the price above 110,000, with support seen at 107,500-105,000 and resistance at 111,000-112,000.
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